The latest Canadian data release, from the end of last week, hasn’t been doing much to help the loonie in Forex trading. Although the Canadian dollar is getting a bit of help against some of the high beta currencies like the pound and the euro, it is down against the dollar and the yen.
Loonie is mixed in currency trading today, struggling against the dollar as oil prices continue to struggle and as economic data is discouraging. At the end of last week, reports indicated that the unemployment rate in Canada had edged up to 7.2 per cent from 7.1 per cent.
This news, along with continued difficulties with oil prices and concerns about overheated housing markets, is weighing on the Canadian dollar. Policy divergence between the United States and Canada is expected to play a major role in the currency pair’s performance as the Fed continues to hike rates, and oil prices remain low for some time.
At 14:53 GMT USD/CAD is higher, moving up to 1.3937 from the open at 1.3895. EUR/CAD has made some progress after being down earlier, moving up to 1.5507 from the open at 1.5489, and overcoming the low at 1.5430. GBP/CAD is down to 2.0084 from the open at 2.0131. CAD/JPY is down to 83.2490 from the open at 84.1130.
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